Latest Legal News: Finextra Research

ISX loses legal bid to suppress ASX reasons for share suspension

ISignthis, a provider of payment verification technology to help banks meets AML reporting obligations, has lost the first round its legal battle with the Australian Securities Exchange over the suspension of its shares, after a Federal Court over-ruled its attempt to prevent the ASX from outlining the reasons for its actions.

01 May 2020

News/crime

Learning from Swedbank: Scrutinise AML processes to prepare for 6AMLD

In a report released March this year, Swedbank was found to have carried out €37 billion of high-risk payments over a five-year period.

20 April 2020

News/sustainable

BofA global environmental exec: Addressing climate change goes beyond business-as-usual

Alex Liftman, global environmental executive, Bank of America (BofA), believes “significantly accelerating progress on addressing big global issues like climate change requires going beyond business-as-usual financing to find innovative approaches that can help attract a larger share of capital from a broader set of investors.”

08 April 2020

News/regulation

FCA head of RegTech: Prioritise female hires across the industry

Francesca Hopwood Road, head of regtech at the FCA drilled down on how the hiring process structurally worked against the employment of females in regtech during the Regtech Women’s event ‘Cracking Communications: Be effective, be confident, be compliant’.

12 March 2020

News/regulation

Transformative regulation finds its feet in 2020

The true benefits and complexities of transformative regulation across financial services is set to become reality in 2020, as firms work to prepare and implement systems to meet compliance standards while maintaining a competitive edge.

06 March 2020

News/crime

US charges Chinese nationals with helping North Korea launder stolen cryptocurrency

North Korean hackers stole around $250 million in cryptocurrency from an exchange and then enlisted Chinese nationals to help launder more than $100 million of it, say US authorities.

04 March 2020

News/Legal

Robinhood outage sees customers threaten class action

Threats of legal action are emerging across trading app Robinhood’s 10 million customer base, following a 17-hour outage on the day the stock market gained $1.1 trillion.

03 March 2020

News/regulation

Piercing the LIBOR veil: Concern brews over looming deadline

While financial institutions across the market remain outwardly confident about their LIBOR transition strategy, uncertainty continues to surround the feasibility of achieving the migration within proposed deadlines.

02 March 2020

News/Legal

FCA reports a drop in suspicious transactions

The number of suspicious transaction and order reports (STORs) recorded by the UK's Financial Conduct Authority (FCA) has reduced for the first time since records began in 2016

28 February 2020

News/Legal

Pope weighs in on AI ethics debate

The Pontiff is the latest public figure to offer an opinion on the ethics of using artificial intelligence (AI), issuing a set of principles on the use of new technology.

28 February 2020

News/regulation

How banks can modernise processes to comply with regulations

In a post-financial crisis world, financial institutions are under pressure to transition from using the London Interbank Offered Rate (LIBOR) to the new Sonia rate, that is overseen by the Bank of England.

30 January 2020

News/Legal

Operator of Dark Web card market faces US charges

A Russian national who ran a criminal marketplace for selling stolen payment cards has pleaded guilty to multiple charges in a US Federal Court.

28 January 2020

News/crime

European cops raid darknet counterfeit euro buyers

Police have carried out raids across Europe targeting the buyers of thousands of counterfeit euro banknotes that had been purchased on the darknet.

16 December 2019

News/regulation

PayPal sues CFPB over prepaid rule

PayPal has filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) arguing that digital wallets should be exempt from the regulator's recently introduced rule on prepaid cards.

13 December 2019

News/retail

Starling adds legal services to its digital offering

Starling Bank has announced a partnership with legal services provider Sparqa, the latest addition to the challenger's in-app Marketplace.

09 December 2019

News/sustainable

ECB poised to champion climate change action under Lagarde

As part of a strategic review of the ECB’s purpose, the bank’s president Christine Lagarde will underline action on climate change as a fundamental component of monetary policy.

28 November 2019

News/regulation

Trust in Open Banking: Negotiating data liability between banks and TPPs

The breadth and complexity of Open Banking systems involve a web of players interconnected by the core need to access data. Used as the tool by which financial institutions and third parties deliver innovative financial products, the data required is highly personal by nature and brings with it a myriad of challenges on the part of institutions trying to capitalise its on value without taking on too much risk.

22 November 2019

News/regulation

Westpac faces hefty fines for breaching anti-money laundering rules

Westpac could face unprecedented civil penalties, having been accused of contravening AML/CTF laws on over 23 million occasions by Australia’s anti money-laundering and terrorism financing regulator, Austrac.

20 November 2019

News/regulation

UK charges ahead with legal certainty for smart contracts and cryptoassets

In a landmark statement, the UK Jurisdiction Taskforce of the Lawtech Delivery Panel today set out the recognition of cryptoassets as tradable property, and smart contracts as enforceable agreements under English Law.

18 November 2019

News/Legal

Russian accused of running carding forum extradited to US

A Russian man accused of running a website selling stolen payment card details has been extradited from Israel to the US.

15 November 2019